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 <p class="is-style-lead">Blockchain analytics firm, Arkham Intelligence, has identified Robinhood as the fifth-<a rel="dofollow" title="largest" href="https://thebittimes.com/tag/largest.html">largest</a> <a rel="dofollow" title="holder" href="https://thebittimes.com/tag/holder.html">holder</a> of Ethereum (ETH), holding approximately $2.54 billion, amid a reported decline in the exchange’s crypto trading volume.</p> 
 <p>As data shows, Robinhood, primarily recognized for its equities trading services, is not just a significant player in the Bitcoin(BTC) arena, but also owns a massive amount of Ethereum (ETH).</p> 
 <p>According to Arkham, Robinhood’s wallet ranks as the fifth <a rel="dofollow" title="largest" href="https://thebittimes.com/tag/largest.html">largest</a> in the world, holding an estimated $2.54 billion in ETH. This revelation adds another layer to the platform’s substantial crypto footprint. The firm was previously identified as the third-<a rel="dofollow" title="largest" href="https://thebittimes.com/tag/largest.html">largest</a> <a rel="dofollow" title="holder" href="https://thebittimes.com/tag/holder.html">holder</a> of BTC, with approximately 122,076 BTC valued at $3.3 billion.</p> 
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    <p lang="en" dir="ltr">Our identification of Robinhood as the owner of the third-<a rel="dofollow" title="largest" href="https://thebittimes.com/tag/largest.html">largest</a> Bitcoin wallet was widely covered.<br><br>But most coverage missed that we’ve also identified them as the owner of the 5th <a rel="dofollow" title="largest" href="https://thebittimes.com/tag/largest.html">largest</a> ETH wallet, holding $2.54B of ETH.<br><br>0x40B38765696e3d5d8d9d834D8AaD4bB6e418E489 pic.twitter.com/Sczj11uLlA</p>— Arkham (@ArkhamIntel) August 30, 2023
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 <p>In an attempt to provide clarity, Arkham further indicated that the assets in Robinhood’s crypto wallets are custodial in nature, meaning they are essentially held on behalf of the users. Beyond ETH and BTC, Robinhood’s wallet is also packed with a diverse range of other coins.</p> 
 <p>For example, they’re holding 34.1 trillion Shiba Inu(SHIB), which are currently worth around $277.8 million. Additionally, the wallet contains about 4.9 million Chainlink (LINK) tokens valued at nearly $29.7 million and 2.6 million Avalanche (AVAX), which are worth close to $29.6 million.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Robinhood’s crypto revenue visibly declined in 2023 
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 <p>This is just as Robinhood is grappling with dwindling activity in its crypto trading. They recently revealed that their revenue from crypto trading fell from $38 million in Q1 2023 to $31 million in Q2 2023.</p> 
 <p>This contraction isn’t just a Robinhood issue; it reflects a wider trend in the broader crypto market. Given this backdrop, some may wonder whether Robinhood’s venture into cryptocurrencies is as solid as it initially seemed.</p> 
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  <div class="wp-block-embed__wrapper"> <iframe title="Robinhood reports 18% drop in crypto transaction revenue in Q2: CNBC Crypto World" width="1020" height="574" src="https://www.youtube.com/embed/vXP9HPS_78I?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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 <p>However, Robinhood appears to be proactive in responding to market demand. On Wednesday, Aug. 30, the company announced an expansion of its wallet services to include “custody, send, and receive support” for BTC and Dogecoin(DOGE), along with ETH swaps. This feature rollout is designed to meet customer demands for more functionality and asset support within the Robinhood platform.</p> 
 <p>Initially launched in March, Robinhood’s self-custody wallet provided support for the ETH and Polygon(MATIC) networks and included a variety of tokens such as COMP, MATIC, SHIB, SOL, UNI, and the USDC stablecoin. The company’s efforts to broaden its crypto services reflect a strategic move to stay relevant in the digital asset landscape, even as its crypto trading volume faces challenges.</p> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Robinhood wins meme stock lawsuit 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/arkham-robinhood-is-fifth-largest-ethereum-holder-tbt61011.html">https://thebittimes.com/arkham-robinhood-is-fifth-largest-ethereum-holder-tbt61011.html</a></p>

Arkham: Robinhood is fifth-largest Ethereum holder

TheBitTimes

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